Dollar Continues to Lose Positions

Dollar continued to lose its positions on Forex market today. After the major economic releases came out in U.S. EUR/USD touched a new absolute maximum at 1.5300 and even GBP/USD recovered from the weekly bottom, which was formed after the bad macroeconomic statistics in was released in U.K this morning.

Productivity in the non-farm sector of economy in the fourth quarter of 2007 grew faster than expected — at 1.9%, against annual average of 1.8%; the forecasts were also at 1.8% growth.

Factory orders for the manufactured goods in January fell down at the same pace as they were expected to fall — by 2.5%, that followed a month of 2.0% growth in December.

ISM non-manufacturing index unexpectedly improved in February and went up from 44.6 to 49.3, while an insignificant growth to 47.5 was expected.

Crude oil inventories brought a negative surprise the dollar bulls and the oil bears, as in the past week they declined for the first time in more than two months. They went down by almost 3.06 million barrels.

Tags: crude oil inventories, EUR/USD, factory orders, ISM services, productivity

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